Directors Report of Anupam Finserv Ltd.

Mar 31, 2025

Your Directors'' have pleasure in presenting their 34^th Annual Report along with the Audited Financial Statements, for the
financial year ended March 31^st, 2025.

Financial Results

The financial performance of the Company for the year ended March 31^st, 2025 is summarized below:

Particulars	Financial Year 2024-25	Financial Year 2023-24
Total Income	37,473.33	32,054.06
Total Expenses	30,689.60	19,596.15
Gross Profit	6,783.73	12,547.92
Profit Before Interest, Depreciation & Taxation	13,786.64	20,374.53
Net Profit after Tax	5,070.72	9,373.02

Performance

Your Company has incurred a decline of 45.90 % in Net Profit after tax over the previous financial year.

Deposits

The Company has not accepted any deposits falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014 during the Financial Year under review or any preceding financial years.

Dividend & Reserves

The Directors did not recommend any dividend for the Financial Year ended 31^st March, 2025.

During the year under review, no transfers were made to General Reserves except Profit for year. However Rs.10.14 lacs
transferred to Special Reserve Account as per NBFC Regulations.

Transfer of Unclaimed Dividend to Investor Education and Protection Fund

During the year under review, your Company was not required to transfer any amount to Investor Education and Protection Fund.
Change in the Nature of Business

During the year under review, there was no change in the nature of the business of the Company.

Internal Financial Control

Your Company has in place adequate internal financial control and risk mitigation system which are constantly assessed and
strengthened. The Internal Auditor periodically reviews the effectiveness of the Internal Financial control. Further, same is
reviewed by the Audit committee.

Subsidiarv/Ioint Ventures and Associates

Your Company has no joint ventures, subsidiaries, associates.

Industrial Relations

Your Company has always considered its workforce as its valuable asset and continues to invest in their excellence and
development programs. The Company has taken several initiatives for enhancing employee engagement and satisfaction.

Statutory Auditor

M/s CGCA & Associates LLP (FRN: 123393W) are appointed as the Statutory Auditors to hold office for 5 consecutive years from
the conclusion of 33^rd Annual General Meeting held for the F Y 2023-2024 until the conclusion of 38^th Annual General Meeting to be
held for the FY 2028-2029.

Statutory Auditors'' Report

The Statements made by the Auditors in their report are self-explanatory and doesn''t require any comments by the Board of
Directors. The Report does not contain any qualification, reservation or adverse remarks.

Cost Auditors'' Report

In terms of Section 148 of the Act and the Companies (Cost Records and Audit) Rules, 2014 and any amendment thereto, Cost Audit
is not applicable to the Company.

Secretarial Audit

The Company had appointed M/s. Kushla Rawat & Associates, Company Secretary in Practice (C.P. No 12566) to undertake the
Secretarial Audit of the Company for the F.Y. 2024-2025. The Secretarial Audit Report is included as "Annexure A” and forms an
integral part of this report. The observation contained in the audit report is self-explanatory and does not call for any further
comments.

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the rules made there under the Company proposes to
appoint M/s. Kushla Rawat & Associates, Company Secretary in Practice (C.P. No 12566) to undertake the Secretarial Audit of the
Company for a period of 5 consecutive years from F.Y. 2025-2026 to F Y 2029-2030.

Share Capital

During the year under review, the Company has increased the Authorised Capital of the Company from from 12,00,00,000/-
(Rupees Twelve Crores only) divided into 12,00,00,000 (Twelve Crore) equity shares of Re. 1/- each to Rs. 36,00,00,000/- (Rupees
Thirty Six Crores only) divided into 36,00,00,000 (Thirty Six Crore) Equity Shares of Re. 1/- each.

During the year under review the Company has allotted 741,30,250 Equity Shares on Rights basis in the Ratio 1:1 @ Rs 1.75/- per
equity share.

During the year under review your Company has not issued:

A) Equity Shares with Differential Rights

B) Sweat Equity Shares

C) Employee Stock Options

Extract of Annual Return

The details forming the part of the extract of the Annual Return in Form MGT 9, as required under Section 92 of the Companies Act
2013, is available on the website of the Company www.anupamfinserv.com.

Conservation of Energy and Technology Absorption

The information relating to conservation of energy and technology absorption by the Companies:

(A) Conservation of Energy

i. The steps taken or impact on conservation of energy: As the Company is not engaged in any manufacturing activity the
conservation of energy is relatively low.

ii. the steps taken by the company for utilizing alternates source of energy: NIL

iii. the Capital Investment on energy conservation equipment''s: NIL

(B) T echnology Absorption

i. the efforts made towards technology absorption: NIL

ii. the benefits derived like product improvement, cost reduction, product development or import substitution: NIL

iii. in case of imported technology (imported during last three years reckoned from beginning of financial year)

(a) Details of technology imported: NIL

(b) Year of Import: NIL

(c) Whether technology has been fully absorbed: NIL

(d) If not fully absorbed, areas where absorption has not taken place and the reasons thereof: NIL

iv. The expenditure incurred on Research and Development: NIL

Foreign Exchange Earning and Outgo

During the year under review there were no earnings in foreign exchange and there was no foreign exchange out go.

Corporate Social Responsibility

The provisions of the Companies Act, 2013, relating to CSR expenditure are not applicable to the Company.

Directors and Key Managerial Personnel

A) Changes in Directors

During the year under review the tenure of Mr. Darshan Jajal (DIN: 02875401), Independent Director expired on 26-08-2024. Mr.
Mitesh Chheda (DIN: 10005081 was appointed as Additional Director on 14-08-2024 and Independent Director on 29-09-2024.

B) Changes in Key Managerial Personnel

During the year under review, Mr. Siddharth Gala was appointed as Chief Executive Officer of the Company on 14-08-2024.

C) Declaration by Independent Directors:

The Company has received necessary declaration from the Independent Directors under Section 149(7) of the Companies Act
2013 that they meet the criteria for Independence as laid down under Section 149(6) of the Companies Act 2013 and Regulation
25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

D) Board Evaluation :

Pursuant to the provisions of the Companies Act, 2013, for the purpose of evaluating the performance of the Board as a whole, a
structured questionnaire was prepared covering various aspects of the Board''s functioning, composition of the Board and its
committee, execution and performance of specific duties, obligations and the same was circulated amongst the Board of Directors
for their feedback. The Board of Directors expressed their satisfaction with the evaluation process. Further, in compliance with
Regulation 25(4) of SEBI (LODR) Regulations, Independent Directors also evaluated the performance of Non Independent
Directors at a separate meeting of the Independent Directors.

Number of Meetings of Board of Directors

During the year Board duly met 5 (Five) Times. The details of the number of meetings of the Board held during the Financial Year
2024-2025 along with attendance of directors, forms a part of the Corporate Governance Report. The intervening gap between
the meetings was within the period prescribed under the provisions of Section 173 of the Act and SEBI (LODR) Regulations.

Audit Committee

The composition of the Audit Committee and the number of Audit Committee meetings held during the Financial Year 2024-2025
forms a part of the Corporate Governance Report.

Vigil Mechanism for Directors and Employees

The Company has a Vigil Mechanism policy to report genuine concerns or grievances. The details form a part of the Corporate
Governance Report.

Nomination and Remuneration Committee

The company has policies framed for remuneration and appointment of Directors, Key managerial personnel and senior
management of the company. The composition of Committee and details of policy forms a part of the Corporate Governance
Report.

Particulars of Loans, Guarantees or Investments u/s 186 of the Companies Act 2013

The Company has not given any guarantee or security in connection with any loan to any other body corporate or person in
contravention of section 186 of the Companies Act 2013. Details of Loans and Investments made by the Company as on 31^st
March 2025, forms the part of Notes to accounts.

Related Party T ransaction

The transactions entered into by the Company with Related Parties are at Arm''s Length Price and in ordinary course of business.
Particulars of transactions entered into with related party are included as "Annexure B” in form AOC - 2. The disclosures with
regards to related party transactions of the Company also form a part of the notes to financial statements under the head "Note
37 - Related Party Transactions"

Policy on Director''s Appointment and Remuneration

The Board Governance, Nomination & Remuneration Committee has framed a policy for selection and appointment of Directors
including determining qualifications and independence of a Director, Key Managerial Personnel (KMP), senior management
personnel and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act,
2013. Pursuant to Section 134(3) of the Companies Act, 2013, the nomination and remuneration policy of the Company which
lays down the criteria for determining qualifications, competencies, positive attributes and independence for appointment of
Directors and policies of the Company relating to remuneration of Directors, KMP and other employees is available on the
Company''s website www.anupamfinserv.com. We affirm that the remuneration, if any paid to Directors is in accordance with the
remuneration policy of the Company.

Corporate Governance

As per Regulation 27 of SEBI (Listing Obligations and Disclosures Requirements) Regulation, 2015, a separate section on
corporate governance practices followed by the Company, together with a certificate from the Company''s Statutory Auditor''s
confirming compliances, forms an integral part of this Report.

Listing

The Equity Shares of the Company are listed on the nationwide trading terminals of BSE Ltd.

Risk Management Policy

The Company has a robust Risk Management framework to identify, evaluate business risks and opportunities. The framework
helps in identifying risks, exposure and potential impact analysis for the Company level. The details form a part of the Corporate
Governance Report.

Remuneration of Directors, Key Managerial Personnel and Particulars of Employees

The information required to be disclosed in the Board''s Report pursuant to Section 197 of the Act, read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached to this report as Annexure C.

Directors'' Responsibility Statement

To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make
the following statements in terms of Section 134(3)(c) read with Section 134(5) of the Companies Act 2013:

1. That in preparation of the Annual Accounts for the year ended 31^st March 2025, the applicable accounting standards have been
followed along with the proper explanation relating to material departures, if any;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 and of the
profit of the company for the year ended on that date;

3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities.

4. That the Directors have prepared the annual accounts on a going concern basis.

5. That the directors had laid down Internal Financial controls to be followed by the Company and that such internal financial
controls are adequate and were operating effectively;

6. That the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively.

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2)(e) of SEBI (LODR)
Regulations, is attached with this report.

Significant and material orders passed by the regulators or courts

During the year under review, no significant and material orders passed by any regulator or court or tribunal, which may impact
the going concern status of the Company and its operations in future.

Sexual Harassment of Women at Workplace (Prevention, Prohibition and RedressaP Act, 2013

The Company is in compliance with the regulations of the Act. The Company has a Policy in place for the same. No case was filed
under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Cautionary Statement

Statements in the Board''s Report and the Management Discussion & Analysis describing the Company''s objectives, expectations
or forecasts maybe forward looking within the meaning of applicable laws and regulations. Actual results may differ materially
from those expressed in the statements.

General

Your Directors confirm that no disclosure or reporting is required in respect of the following items as there was no transaction
on these items during the year under review:

1. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status
and Company''s operations in future.

2. The Company is in regular compliance of the applicable provisions of Secretarial Standards issued by the Institute of Company
Secretaries of India.

3. In terms of Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC), no application is
filed for corporate insolvency resolution process, by a financial or operational creditor or by the company itself under the IBC
before the NCLT, hence no disclosures regarding the same required by the Board.

4. The company has not failed to complete or implement any corporate action within the specified time limit, hence no disclosures
regarding the same required by the Board.

5. No frauds have been reported by auditors hence no disclosures are required under the provisions of Section 143 of the
Companies Act 2013 and the rules made thereunder.

Acknowledgements

The Board of Directors of the Company acknowledges the continued the support and co-operation extended by the Statutory
Authorities, Government Authorities, Bankers, Stock Exchange, Stake holders and employees of the Company.

By Order of the Board of Directors
For ANUPAM FINSERV LIMITED

SD/-

Pravin Gala

Chairperson and Whole Time Director
DIN:00786492

Mumbai, 13^th May, 2025

---

Mar 31, 2024

Your Directors'' have pleasure in presenting their 32nd Annual Report along with the Audited Financial Statements, for the financial year
ended March 31^st, 2024.

Financial Results

The financial performance of the Company for the year ended March 31^st, 2024 is summarized below:

(in Rs. In ''000)

Particulars	Financial Year 2023-24	Financial Year 2022-23
Total Income	32,054.06	25,304.18
Total Expenses	19,596.15	15,018.79
Gross Profit ( ) Loss (-) After Interest But Before Depreciation & Taxation	17,355.97	14,263.23
Depreciation	4898.06	3,977.84
Profit Before Income Tax After Depreciation	12,457.91	10,285.39
Taxes	3,084.89	2,551.18
Net Profit after Tax	9,373.02	7,734.21

Performance

Your Company has earned a rise of 21.19 % in Net Profit after tax over the previous financial year.

Deposits

The Company has not accepted any deposits falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014 during the Financial Year under review or any preceding financial years.

Dividend & Reserves

The Directors did not recommend any dividend for the Financial Year ended 31^st March, 2024.

During the year under review, no transfers were made to General Reserves except Profit for year. However Rs.1,874,603/- transferred to
Special Reserve Account as per NBFC Regulations.

Transfer of Unclaimed Dividend to Investor Education and Protection Fund

During the year under review, your Company was not required to transfer any amount to Investor Education and Protection Fund.

Change in the Nature of Business

During the year under review, there was no change in the nature of the business of the Company.

Internal Financial Control

Your Company has in place adequate internal financial control and risk mitigation system which are constantly assessed and
strengthened. The Internal Auditor periodically reviews the effectiveness of the Internal Financial control. Further, same is reviewed by
the Audit committee.

Subsidiary/Joint Ventures and Associates

Your Company has no joint ventures, subsidiaries, associates.

Industrial Relations

Your Company has always considered its workforce as its valuable asset and continues to invest in their excellence and development
programs. The Company has taken several initiatives for enhancing employee engagement and satisfaction.

Statutory Auditor

M/s. J K Shah & Co., Chartered Accountants, (FRN: 109606W) who are the Statutory Auditor of the Company; held the office until the
conclusion of the 33^rd Annual General Meeting. They retire at the forthcoming 33^rd Annual general Meeting.

M/s CGCA & Associates LLP (FRN: 123393W) are proposed to be appointed as the Statutory Auditors to hold office for 5 consecutive
years from the conclusion of 33^rd Annual General Meeting.

Statutory Auditors'' Report

The Statements made by the Auditors in their report are self-explanatory and doesn''t require any comments by the Board of Directors.
The Report does not contain any qualification, reservation or adverse remarks.

Cost Auditors'' Report

In terms of Section 148 of the Act and the Companies (Cost Records and Audit) Rules, 2014 and any amendment thereto, Cost Audit is
not applicable to the Company.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the rules made there under the Company has appointed M/s.
Kushla Rawat & Associates, Company Secretary in Practice (C.P. No 12566) to undertake the Secretarial Audit of the Company for the F.Y.
2023-2024.

The Secretarial Audit Report is included as "Annexure A" and forms an integral part of this report. The observation contained in the audit
report is self-explanatory and does not call for any further comments.

Share Capital

During the year under review there is no change in the Share Capital of the Company.

During the year under review your Company has not issued:

A) Equity Shares with Differential Rights

B) Sweat Equity Shares

C) Employee Stock Options

Your Company has proposed to Increase the Authorised Capital of the Company from from 12,00,00,000/- (Rupees Twelve Crores only)
divided into 12,00,00,000 (Twelve Crore) equity shares of Re. 1/- each to Rs. 36,00,00,000/- (Rupees Thirty Six Crores only) divided into
36,00,00,000 (Thirty Six Crore) Equity Shares of Re. 1/- each.

Extract of Annual Return

The details forming the part of the extract of the Annual Return in Form MGT 9, as required under Section 92 of the Companies Act 2013,
is available on the website of the Company www.anupamfinserv.com.

Conservation of Energy and Technology Absorption

The information relating to conservation of energy and technology absorption by the Companies:

(A) Conservation of Energy

i. The steps taken or impact on conservation of energy: As the Company is not engaged in any manufacturing activity the
conservation of energy is relatively low.

ii. the steps taken by the company for utilizing alternates source of energy: NIL

iii. the Capital Investment on energy conservation equipment''s: NIL

(B) Technology Absorption

i. the efforts made towards technology absorption: NIL

ii. the benefits derived like product improvement, cost reduction, product development or import substitution: NIL

iii. in case of imported technology (imported during last three years reckoned from beginning of financial year)

(a) Details of technology imported: NIL

(b) Year of Import: NIL

(c) Whether technology has been fully absorbed: NIL

(d) If not fully absorbed, areas where absorption has not taken place and the reasons thereof: NIL

iv. The expenditure incurred on Research and Development: NIL

Foreign Exchange Earning and Outgo

During the year under review there were no earnings in foreign exchange and there was no foreign exchange out go.

Corporate Social Responsibility

The provisions of the Companies Act, 2013, relating to CSR expenditure are not applicable to the Company.

Directors and Key Managerial Personnel

A) Changes in Directors

During the year under review, there has been no change in the Directors of the Company.

The tenure of Mr. Darshan Jajal (DIN: 02875401), Independent Director expires on 26/08/2024.

B) Changes in Key Managerial Personnel

During the year under review, there has been no change in the KMP of the Company.

C) Declaration by Independent Directors:

The Company has received necessary declaration from the Independent Directors under Section 149(7) of the Companies Act 2013 that
they meet the criteria for Independence as laid down under Section 149(6) of the Companies Act 2013 and Regulation 25 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.

D) Board Evaluation :

Pursuant to the provisions of the Companies Act, 2013, for the purpose of evaluating the performance of the Board as a whole, a
structured questionnaire was prepared covering various aspects of the Board''s functioning, composition of the Board and its
committee, execution and performance of specific duties, obligations and the same was circulated amongst the Board of Directors for
their feedback. The Board of Directors expressed their satisfaction with the evaluation process.

Further, in compliance with Regulation 25(4) of SEBI (LODR) Regulations, Independent Directors also evaluated the performance of Non
Independent Directors at a separate meeting of the Independent Directors.

Number of Meetings of Board of Directors

During the year Board duly met 4 (Four) Times. The details of the number of meetings of the Board held during the Financial Year 2023¬
2024 along with attendance of directors, forms a part of the Corporate Governance Report. The intervening gap between the meetings
was within the period prescribed under the provisions of Section 173 of the Act and SEBI (LODR) Regulations.

Audit Committee

The composition of the Audit Committee and the number of Audit Committee meetings held during the Financial Year 2023-2024 forms
a part of the Corporate Governance Report.

Vigil Mechanism for Directors and Employees

The Company has a Vigil Mechanism policy to report genuine concerns or grievances. The details form a part of the Corporate
Governance Report.

Nomination and Remuneration Committee

The company has policies framed for remuneration and appointment of Directors, Key managerial personnel and senior management
of the company. The composition of Committee and details of policy forms a part of the Corporate Governance Report.

Particulars of Loans, Guarantees or Investments u/s 186 of the Companies Act 2013

The Company has not given any guarantee or security in connection with any loan to any other body corporate or person in
contravention of section 186 of the Companies Act 2013. Details of Loans and Investments made by the Company as on 31^st March
2024, forms the part of Notes to accounts.

Related Party Transaction

The transactions entered into by the Company with Related Parties are at Arm''s Length Price and in ordinary course of business.
Particulars of transactions entered into with related party are included as "Annexure B" in form AOC - 2.

Policy on Director''s Appointment and Remuneration

The Board Governance, Nomination & Remuneration Committee has framed a policy for selection and appointment of Directors
including determining qualifications and independence of a Director, Key Managerial Personnel (KMP), senior management personnel
and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act, 2013. Pursuant to
Section 134(3) of the Companies Act, 2013, the nomination and remuneration policy of the Company which lays down the criteria for
determining qualifications, competencies, positive attributes and independence for appointment of Directors and policies of the
Company relating to remuneration of Directors, KMP and other employees is available on the Company''s website
www.anupamfinserv.com. We affirm that the remuneration, if any paid to Directors is in accordance with the remuneration policy of
the Company.

Corporate Governance

As per Regulation 27 of SEBI (Listing Obligations and Disclosures Requirements) Regulation, 2015, a separate section on corporate
governance practices followed by the Company, together with a certificate from the Company''s Statutory Auditor''s confirming
compliances, forms an integral part of this Report.

Listing

The Equity Shares of the Company are listed on the nationwide trading terminals of BSE Ltd.

Risk Management Policy

The Company has a robust Risk Management framework to identify, evaluate business risks and opportunities. The framework helps in
identifying risks, exposure and potential impact analysis for the Company level. The details form a part of the Corporate Governance
Report.

Remuneration of Directors, Key Managerial Personnel and Particulars of Employees

The information required to be disclosed in the Board''s Report pursuant to Section 197 of the Act, read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached to this report as Annexure C.

Directors'' Responsibility Statement

To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make the
following statements in terms of Section 134(3)(c) read with Section 134(5) of the Companies Act 2013:

1. That in preparation of the Annual Accounts for the year ended 31^st March 2024, the applicable accounting standards have been
followed along with the proper explanation relating to material departures, if any;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 and of the profit
of the company for the year ended on that date;

3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities.

4. That the Directors have prepared the annual accounts on a going concern basis.

5. That the directors had laid down Internal Financial controls to be followed by the Company and that such internal financial controls are
adequate and were operating effectively;

6. That the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems
were adequate and operating effectively.

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2)(e) of SEBI (LODR)
Regulations, is attached with this report.

Significant and material orders passed by the regulators or courts

During the year under review, no significant and material orders passed by any regulator or court or tribunal, which may impact the
going concern status of the Company and its operations in future.

Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company is in compliance with the regulations of the Act. The Company has a Policy in place for the same. No case was filed under
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Cautionary Statement

Statements in the Board''s Report and the Management Discussion & Analysis describing the Company''s objectives, expectations or
forecasts maybe forward looking within the meaning of applicable laws and regulations. Actual results may differ materially from those
expressed in the statements.

General

Your Directors confirm that no disclosure or reporting is required in respect of the following items as there was no transaction on these
items during the year under review:

1. The Executive and Whole Time Directors of the Company have not received any remuneration or commission from the Company.

2. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and
Company''s operations in future.

3. The Company is in regular compliance of the applicable provisions of Secretarial Standards issued by the Institute of Company
Secretaries of India.

4. In terms of Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC), no application is filed for
corporate insolvency resolution process, by a financial or operational creditor or by the company itself under the IBC before the NCLT,
hence no disclosures regarding the same required by the Board.

5. The company has not failed to complete or implement any corporate action within the specified time limit, hence no disclosures
regarding the same required by the Board.

6. No frauds have been reported by auditors hence no disclosures are required under the provisions of Section 143 of the Companies Act
2013 and the rules made thereunder.

Acknowledgements

The Board of Directors of the Company acknowledges the continued the support and co-operation extended by the Statutory
Authorities, Government Authorities, Bankers, Stock Exchange, Stake holders and employees of the Company.

By Order of the Board of Directors
For ANUPAM FINSERV LIMITED

SD/- SD/-

Nirmala Gala Pravin Gala

Managing Director Whole Time Director

DIN:00894497 DIN:00786492

Mumbai, 30^th May, 2024

---

Mar 31, 2015

Dear Members,

Your directors have pleasure in presenting the Twenty Fourth Annual Report of the Company for the year ended 31st March, 2015.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2015 is summarized as under:

(Amount in Rupees)

S. PARTICULARS 31-03-2015 31-03-2014 NO.

1. Total Sales/Income 5808704 25339122

2. Net profit/(Loss) before depreciation & tax (1894229) 1373526

3. Depreciation 0 82724

4. Net Profit/(Loss) before Taxation (1894229) 1456250

5. Provision for tax (incl. deferred taxes) 645000 449993

6. Net Profit/(Loss) after tax for the period from Continuing Operation (A) (2539229) 1006257

8. Profit Before Tax for the period from Discontinuing Operation - 293521

9. Tax Expenses of Discontinuing Operation - 90700

10. Net Profit/(Loss) after tax for the period from Discontinuing Operation (B) - 202821

11. Profit/(Loss) for the period (A B) (2539229) 1209078

12. Balance brought forward 1505421 296342

13. Balance carried forward (1033808) 1505421

REVIEW OF OPERATIONS

As you all know that your Company has two major line of business:

/Finance and Capital Market including Securities Trading, Funding and Financial Services.

Your Company has yet to achieve a comforting position in business during the year, and is reviewing its prospects vis-a-vis the current economic scenario specially in the financial sector.

Your Company hopes to do better in future. Your Company is working out the future strategy accordingly.

Pursuant to the Scheme of Arrangement (the Scheme), duly sanctioned by the Hon'ble High Court at Bombay at the hearing held on 10th July, 2015, with effect from the appointed date i.e. 1st April, 2014, the "Education Division" of the Company engaged in the business of Education & Publication, together with all its assets, liabilities etc stands transferred as a going concern by way of demerger to Vantage Knowledge Academy Ltd. Upon filing of the certified copy of the Court Order with the Registrar of Companies on 31st July, 2015, the Scheme has become affective on and from the said date. Accordingly the effect of the same has been given at the time of preparation of these financial statements. In terms of the Scheme upon transfer to Vantage Knowledge Academy Ltd., the difference Rs. 3,34,23,318/- (Previous Year Rs. Nil) between the total assets of Rs. 3,77,32,570/- and total liabilities of Rs. 43,09,252/- (Previous Year Rs. Nil) of the Education Division as on the appointed date has been adjusted to the extent opening balance of security premium account and profit & loss account and balance Rs. 94,09,715/- shown as Demerger Reconstruction Account (Debit Balance) under 'Reserves and Surplus' in the books of the Company. Further, in terms of the Scheme, the Consideration for transfer of Education Division amounting to Rs. 3,34,23,318/-being the book value of the net assets of the said Division as on the appointed date will be settled by Vantage Knowledge Academy Ltd. by issuing 33,07,500 Equity Shares of Rs. 10/- each fully paid up to the share holders of the Company.

DIVIDEND

Your board does not recommend any dividends on equity shares for the year.

DEPOSITS

The Company has not invite any deposits from the public within the provisions of Chapter V of the Companies Act, 2013 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of Deposits) Rules, 2014.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Your Board comprises of efficient and able directors who have vast experience in this line of business. Mr. Rajesh Dedhia retires at the ensuing Annual General Meeting by rotation and being eligible, offers himself for re-appointment as Director.

Mr. Ravindra Narsayya Pembarthi and Mr. Harakhchand S. Gala have resigned as a director of the company with effect from 27th August, 2014. The Board places on record its appreciation for the contribution made by Mr. Ravindra Narsayya Pembarthi and Mr. Harakhchand S. Gala during their tenure as Director.

Mr. Mukesh Kalyanjibhai Shah, Mr. Dipesh Kiritkumar Rambhia And Mr. Darshan Manharlal Jajal appointed as a additional director dated 27th August 2014 and regularised as a Director in the twenty third Annual General Meeting held on 30th September 2014

Mrs. Neeta Rajesh Dedhia appointed as a Managing Director of the company effective from the board meeting held on dated 30th March 2015 subject to the approval of shareholders in the Annual General Meeting.

The brief details of all members of Board are annexed to this report.

The following persons are Directors and Key Managerial Personnel of the Company

1. Mrs. Neeta Rajesh Dedhia - Managing Director

2. Mr. Rajesh Dedhia - Director, Chief Financial Officer & Compliance Officer

3. Mr. Darshan Manharlal Jajal - Director

4. Mr. Dipesh Kiritkumar Rambhia - Director

5. Mr. Mukesh Kalyanjibhai Shah - Director

Remuneration and other details of Key Managerial Personnel for the year ended 31st March, 2015 are stated in the extract of the Annual Return.

Directors' Responsibility Statement

Pursuant to Section 134 (3) (c) of the Companies Act, 2013, your Directors state that:

* In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

* The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2015 and the loss for the year ended on that date;

* The directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting fraud and other irregularities;

* The directors have prepared the annual accounts on a going concern basis:

* The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively;

* The Directors had deviced proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating efficiently.

Policy on Sexual Harassment of Women at Work Place

Pursuant to provisions of Sexual Harassment of women at work place (Prosecution, Prohibition and Redressal) Act, 2013 and rules made there under, Company has adopted a policy with effect from 14th February, 2015.

Particulars of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished here under.

SN Particulars Disclosure

1. Conservation of Energy The company continued to accord and Power consumption priority to conservation of energy and is continuing its efforts to utilise energy more efficiently.

2. Technology Absorption and The company has not absorbed any research & development technology nor any work Research & Development has been carried out.

3. Foreign Exch. - Earnings Nil Outgo Nil

Particulars of Employees

There are no employees of the category specified in under Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Auditors and Audit Report

M/s. J K Shah & Co., Chartered Accountants, (FRN: 109606W) who are the Statutory Auditor of the Company; hold the office until the conclusion of the ensuring Annual General Meeting. It is proposed to re-appoint them to examine and audit the accounts of the Company for three years to hold the office from the conclusion of this AGM till the conclusion of the Twenty Eighth Annual General Meeting subject to ratification of their appointment at every Annual General Meeting. The Company has received the Certificate under Section 139(1) of the Companies Act, 2013 read with Companies (Audit and Auditors), Rules, 2014 from the Auditor.

The observations in the Auditors' Report have been dealt with in the relevant Notes to Accounts, which are self-explanatory

Auditors Observations/Comments

The director's report, corporate governance report, Secretarial audit report, management discussion analysis have addressed most of the issues and observations and the comments of the Auditors are self-explanatory. The management was actively pursuing the issue of non- compliances as disclosed in the Audit Report under Auditors Observations and in the Secretarial Audit Report under Form No MR-3. Clarification of directors on Auditors Comments on Auditors Observation u/s 164(2)(a) of Companies Act 2013 as regards One director Mr. Rajesh Dedhia is given in the Directors Report. As regards the secretarial auditors observations as prescribed in the Form No. MR 3 (Annexure B) the management of the Company is in the process of rationalizing the issues.

Audit Committee

The Composition of Audit Committee was changed from time to time. The present composition of Audit Committee consists of the following members:

Mr. Mukesh Kalyanjibhai Shah - Chairman Mr. Darshan Manharlal Jajal - Member Mr. Dipesh Kiritkumar Rambhia - Member

The above composition of the Audit Committee consists of all the independent Directors. The Company has established a vigil mechanism to oversee through the committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the Chairman of the Audit Committee on reporting issues concerning the interests of the company employees and the Company. The more details of the Audit Committee are stated under Corporate Governance Report.

Stakeholders Relationship Committee

The Share Transfer Committee constituted was renamed as The Share Transfer and Investors Grievances Committee. To comply with the requirements of the Companies Act, 2013 and the listing agreement with the Stock Exchanges, the name of the Committee was further changed to Stakeholders Relationship Committee.

The Composition of Committee is as under:

Mr. Mukesh Kalyanjibhai Shah - Chairman Mr. Darshan Manharlal Jajal - Member Mr. Dipesh Kiritkumar Rambhia - Member

Remuneration Committee

Pursuant to the provisions of Section 178 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014 framed there under, every listed company and prescribed class of companies, shall constitute Remuneration Committee (RC) of the Board consisting of 3 or more non - executive directors out of which not less than / shall be independent director.

The Composition of RC was changed from time to time.

The present composition of RC consists of the following members:

Mr. Mukesh Kalyanjibhai Shah - Chairman Mr. Darshan Manharlal Jajal - Member

The above composition of the Nomination and Remuneration Committee consists of all the independent Directors. The Remuneration Committee have formulated a policy as prescribed under the Act which, interalia, includes criteria for determining qualification, positive attributes and independence of a director and recommended to the Board for adoption of the Policy. The Policy also covers recommendation to the Board on the remuneration to the Board of Independent Directors, Key Managerial Personnel and other employees.

Corporate Social Responsibility Committee

The Company is not required to constitute a Corporate Social Responsibility Committee due to non fulfillment of any of the conditions pursuant to section 135 of the Companies Act, 2013.

Extract of Annual Return

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as Annexure A.

Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made there under, M/s Kushla Rawat & Associates, Company Secretaries in Whole-time practice (ACS no. 33413, C P No.12566), was appointed to conduct Secretarial Audit for the year ended 31st March, 2015.

M/s Kushla Rawat & Associates, Practising Company Secretaries has submitted Report on the Secretarial Audit which is attached as Annexure B and forms a part of this report. There are some Qualifications or observations or remarks made by the Secretarial Auditor in the Report.

Company's Policy Relating to Directors Appointment, Payment of Remuneration and Discharge of Their Duties

The Company has a Policy relating to appointment of Directors, payment of Managerial remuneration, Directors' qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 and under the provisions of Listing Agreement.

Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination and Remuneration and Compliance Committees, which covers various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Board Culture, execution and performance of specific duties, obligations and governance. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department. The Directors expressed their satisfaction with the evaluation process.

Related Party Transactions

All the related party that were entered into during the financial year were on an arm's length basis and were in the ordinary course of business. All Related Party Transactions are placed before the Audit Committee and Board for approval. The details of Related Party Transactions are provided in the note no. 25 in the accompanying financial statements.

Corporate Governance

The Company believes that Corporate Governance is a way of business life rather than legal compulsion. Your Directors re-affirm their commitment to the Corporate Governance standards prescribed by Securities and Exchange Board of India (SEBI) codified as Clause 49 of the Listing Agreement with Stock Exchanges. Corporate Governance Report as well as Corporate Governance compliance certificate by Secretarial Auditors is set out in separate Annexure C to this report. Management Discussion Analysis Report forms a part of Directors Report and marked as Annexure D.

Number of Board Meetings Conducted During the Year under Review

The Company had 6 (Six) Board meetings during the financial year under review. The details of the Board meetings and the attendance of the Directors are provided in the Corporate Governance Report.

Investor Services

As the members are aware, your company's shares are tradable compulsorily in electronic form with effect from and your company has established connectivity with both the depositories viz. National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL). In view of the numerous advantages offered by the Depository system, members are requested to avail of the facility of de-materialization of Company's shares on either of the Depositories as aforesaid.

Wholly Owned Subsidiary

Company does not have any wholly owned subsidiary company.

Human Resources

Your Company considers people as one of the most valuable resources. It believes in the theme that success of any organization depends upon the engagement and motivation level of employees. All employees are committed to their work and proactively participate in their area of operations. The Company's HR philosophy is to motivate and create an efficient work force as manpower is a vital resource contributing towards development and achievement of organisational excellence.

Internal Controls

The Company has an adequate system of internal checks on its day to day affairs, which acts as a internal control system commensurate with its size and the nature of its business.

The internal controls system of the Company are monitored and evaluated and reviewed by Management and Audit Committee of the Board of Directors. Auditor's observations in confirmation to policy in force has also been received.

Statement Concerning Development and Implementation of Risk Management Policy of the Company.

Pursuant to the requirement of Clause 49 of the Listing Agreement, the Company has constituted a Risk Management Committee. Business Risk Evaluation and Management is an ongoing process within the Organization. The Company has a robust risk management framework to identify, monitor and minimize risk as also identify business opportunities.

The objectives and scope of the Risk Management Committee broadly comprises:

* Oversight of risk management performed by the executive management;

* Reviewing the Risk Management Policy and Framework in line with Local legal requirements and SEBI guidelines

* Reviewing risks and evaluate treatment including initiating mitigation actions and ownership as per a pre-defined cycles.

* Defining framework for identification, assessment, monitoring, mitigation and reporting of risk.

Within its overall scope as aforesaid, the Committee shall review risk trends, exposure, potential impact analysis and mitigation plan.

The Risk management committee was constituted as on 14.02.2015 Acknowledgements

The Board wishes to place on record their appreciation for the sincere efforts of the Director, employees and the co-operation extended by the Bankers, Shareholders, clients & associates for their continue support towards the conduct of the Company.

For Vantage Corporate Services Limited

Sd/- (Neeta Rajesh Dedhia) Managing Director DIN:00969568 Address: 37, 5th Floor, Dhan Bhuvan No. 1, CHS. 5, Gazdar Street, Chira Bazar, J. S. S. Road, Mumbai, 400002.

Mumbai, 29th August, 2015

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Mar 31, 2014

Dear Members,

The directors have pleasure in presenting the Twenty Third Annual Report of the Company for the year ended 31st March, 2014.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2014 is summarized as under:

(Amount in Rupees)

S. PARTICULARS 31-03-2014 31-03-2013 NO.

1. Total Sales/Income 2,83,93,220 71,86,780

2. Net profit/(Loss) before depreciation & tax 19,15,220 (1,04,097)

3. Depreciation 1,65,448 1,61,901

4. Net Profit/(Loss) before Taxation 17,49,772 (2,65,998)

5. Provision for tax (incl. deferred taxes) 5,40,693 1,04,426

6. Net Profit/(Loss) after tax 12,08,936 (3,70,424)

7. Appropriations - -

8. Balance brought forward 2,96,342 6,66,766

9. Balance carried forward 15,05,421 2,96,342

REVIEW OF OPERATIONS

As you all know that your Company has two major line of business:

1. Finance and Capital Market including Securities Trading, Funding and Financial Services and Education Segment which includes Training and Publication etc.

Your Company has yet to achieve a comforting position in business during the year, and is reviewing its prospects vis-a-vis the current economic scenario specially in the financial sector.

The Management continues to pursue its efforts to improve its efficiencies and its performance in the coming year through increase in turnover, improve education and training market.

2. Education, Training and Publishing activity.

A division of your company, which was started earlier, which provides education and training of financial education in India, is excelling in its field.

The Company has become Authorized Education Provider / Study Centre of:

(1) . Sikkim Manipal University (SMU) - Offering BBA and MBA.

(2) . Mahatma Gandhi University (MGU) - Offering B.Com, BA, MA, BBA and MBA.

(3) . American Academy of Financial Management India Private Limited (AAFM India) - CWM.

(4) . Financial Planning Standards Board India (FPSB India) - CFPcm

(5) . Vskills Certifications - Vocational Courses

The Company has also sign agreement with the leading Colleges in Mumbai to offer the above certification program to their students.

In Publication division, the company has developed study materials for the programs it offered.

Your Company hopes to do better in future. Your Company is working out the future strategy accordingly.

DIVIDEND

Your board does not recommend any dividends on equity shares for the year.

FIXED DEPOSITS

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

CORPORATE GOVERNANCE

As required by Clause 49 of the listing agreement, Corporate Governance Report and Management Discussion Analysis Report is attached to this report. Certificate of the Auditors regarding compliance of the conditions of the Corporate Governance as stipulated in Clause 49 of the Listing Agreement of the Stock Exchange is also attached.

DIRECTORATE

Your Board comprises of efficient and able directors who have vast experience in this line of business.

Mr. Rajesh Dedhia, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. Mukesh Kalyanjibhai Shah, Mr. Dipesh Kiritkumar Rambhia, Mr. Darshan Manharlal Jalal were appointed as an Additional independent Director of the company with effect from 27th August, 2014 and holds office upto the date of the forthcoming Annual General Meeting. As per the provisions of Section 149 and other applicable provisions, if any, if the companies Act, 2013, Mr. Mr. Mukesh Kalyanjibhai Shah, Mr. Dipesh Kiritkumar Rambhia, Mr. Darshan Manharlal Jalal are proposed to be appointed as Independent director of the company for a period of five years commencing from 30th September, 2014.

Mr. Ravindra Narsayya Pembarthi and Mr. H. S. Gala have resigned as a director of the company with effect from 27th August, 2014. The Board places on record its appreciation for the contribution made by Mr. Mr. Ravindra Narsayya Pembarthi and Mr. H.S.Gala during their tenure as Director.

All the appointment and resignation of the Directors of the company are in compliance with the provisions of the Companies Act.

Your approvals for their appointment as Directors have been sought in the Notice convening the annual General Meeting of the company.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 2l7(2AA) OF THE ACT

The directors hereby confirm that-

1. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

2. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014 and of the profit for the year ended on that date;

3. the directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting fraud and other irregularities;

4. the directors have prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES, CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars with respect to conservation of Energy, Technology absorption and foreign exchange earning & outgo pursuant to section 217(i)(e) read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1986 and under section 217(2A) read with Companies (Particulars of Employees) Rules, 1975, of the Act is set out here under.

S. PARTICULARS DISCLOSURE NO.

1. Conservation of Energy Being a finance company, these and Power consumption provisions are not applicable but the Company has nevertheless continued to accord priority to conservation of energy and is continuing its efforts to utilize energy more efficiently.

2. Technology Absorption Being a finance company, these and Research & Development provisions are not applicable. The company has not absorbed any technology or any research & development work has been carried out.

3. Foreign Exch. - Earnings Nil Outgo Nil

4. Particulars of Employees There are no employees of the category specified under section 217(2A).

AUDITORS

M/s. Manoj Mehta & Company, Chartered Accountants retires as Auditors of the Company at the ensuing Annual General Meeting and has expressed their inability to continue due to other pre occupations.

Your company has discussion with M/s. J K Shah & Co., Chartered Accountant, and they had expressed their willingness and eligibility to be appointed as Auditor of the company.

Your directors recommends the appointment of M/s. J K Shah & Co., Chartered Accountants, as Auditor in place of retiring Auditor, M/s. Manoj Mehta & Company, Chartered Accountants, to hold the office from the conclusion of ensuing Annual General Meeting to the conclusion of Twenty Fourth Annual General Meeting.

AUDITORS COMMENTS

The director''s report, corporate governance and mda have addressed most of the issues and observations and the comments of the Auditors are self-explanatory. As regards the auditors observation under section 274(1) (g) of the Act as regards one director Mr. R. C. Dedhia, the management of the Company is in the process of rationalising the issue.

ACKNOWLEDGEMENTS

The Board wishes to place on record their appreciation for the sincere efforts of the employees and the co-operation extended by the Bankers, Shareholders, clients & associates for there continue support towards the conduct of the Company.

BY THE ORDER OF THE BOARD

For VANTAGE CORPROATE SERVICES LIMITED

Sd/- (Mrs. Neeta Rajesh Dedhia) Director DIN:00969568 Address: E-2/307, Bharat Nagar, Grant Road, Mumbai- 400007.

Mumbai, 27th August, 2014

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Mar 31, 2010

The directors have pleasure in presenting the Eighteenth Annual Report of the Company for the year ended 31st March, 2010.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2010 is summarized as under:



S. NO. PARTICULARS 31-03-2010 31-03-2009

1. Total Sales/Income 47330157 8480611

2. Net profit before depreciation & tax 740484 113906

3. Depreciation 60928 40045

4. Net Profit before Taxation 679556 73861

5. Provision for tax (incl. deferred taxes) 224612 6357

6. Net Profit after tax 454944 80218

7. Appropriations 80569 0

8. Balance brought forward 1014553 1094770

9. Balance carried forward 640178 1014552



REVIEW OF OPERATIONS

Your Company has two major line of business

1. Investment and Financial Services.

Your Company has achieved a modest level of business during the year and is reviewing its prospects vis-a-vis the current economic scenario specially in the financial sector.

2. Education & Training activity.

Your Company has started a division, which provides education and training of financial education in India.

Your Company has become an Authorized training provider for CFP (CERTIFIED FINANCIAL PLANNERcm) in India and is approved by the Financial Planning Standards Board India (FPSB).

Financial Planning Standards Board India (FPSB) is promoted by 49 Financial Services Company and Financial Institutes of India.

Your Company hopes to do better in future. Your Company is working out the future strategy accordingly.

DIVIDEND

Your board does not recommend any dividends on equity shares for the year.

FIXED DEPOSITS

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA) OF THE ACT

The directors hereby confirm that-

- in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

- the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 3 1s March, 2010 and the profit & loss account for the year ended on that date;

- the directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting fraud and other irregularities;

- the directors have prepared the annual accounts on a going concern basis.

DIRECTORATE

Your Board comprises of efficient and able directors who have vast experience in this line of business. During the year Ms. Neeta Dedhia - Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers her for re-appointment.

All the appointment of the Directors of the company are in compliance with the provisions of the Companies Act.

As pointed out in point 2 (e) of the Auditors report, Mr. Rajesh C. Dedhia is pursuing the matter of regularising the pending legal formalities in other companies where he is a director.

PARTICULARS OF CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars with respect to conservation of Energy, Technology absorption and foreign exchange earning & outgo pursuant to section 217(i)(e) read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1986 and under section 217(2A)



S. NO. PARTICULARS DISCLOSURE

1. Conservation of Energy and Being a finance company, these provisions are not Power consumption applicable but the Company has nevertheless continued to accord priorit y to conservation of energy and is continuing Its efforts to utilize energy more efficiently.

2. Technology Absorption and Being a finance company, these provisions are not Research & Development applicable. The company has not absorbed any technology or any research & development work has been carried out.

3. Foreign Exch. - Earnings Nil

Outgo Nil

4. Particulars of Employees There are no employees of the category specified under section 217(2A).

AUDITORS

The current Auditors M/s Manoj Mehta & Co., Chartered Accountants, retire at the Conclusion of the ensuing annual general meeting and being preoccupied with is professional duties, as expressed his inability to continue as Auditors of the Company and there for has informed the Company not to reappoint his firm as Auditors for the ensuing year. None of the Directors of the Company are interested in passing of the said Resolution.

ACKNOWLEDGMENTS

The Board wishes to place on record their appreciation for the sincere efforts of the employees and the co-operation extended by the Bankers, Shareholders, clients & associates for there continue support towards the conduct of the Company. The Board also places on record their appreciation for Auditors M/s Manoj Mehta & Company for there valuable services offered to the Company.



On behalf of the board

Mumbai, 30th June, 2010 Chr. & Mg. Director